Guideline Value for NORTON STREET/ROAD

Norton Street/Road guideline value

The current guideline value of Norton Street/Road in Mylapore village, under the Mylapore SRO, is Rs 9,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - II.

How the guideline value of Norton Street/Road has changed

The guideline value for Norton Street/Road has seen significant changes over the years. In 2002, the value was Rs 1,098 per sq.ft. It increased to Rs 1,694 per sq.ft in 2003, marking a 54% rise. The value continued to rise, reaching Rs 1,750 per sq.ft in 2007, which was a 3% increase. A substantial jump occurred in 2012, where the value rose to Rs 8,500 per sq.ft, reflecting a 386% increase. However, it decreased to Rs 5,695 per sq.ft in 2017, a decline of 33%. The value then increased to Rs 8,500 per sq.ft in 2023, followed by a further increase to Rs 9,300 per sq.ft in 2024, representing a 9% rise.

Overall, from 2002 to 2024, the guideline value has increased by 747%. The register has no figure for this street in the years not mentioned above.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Norton Street/Road's 2024 figure above the median.

• Norton 3rd Lane/Street: Rs 9,300 per sq.ft (2024)
• Norton 2nd Lane/Street: Rs 9,300 per sq.ft (2024)
• Norton 1st Lane/Street: Rs 9,300 per sq.ft (2024)
• Nochikkuppam Tnscb Tenements: Rs 3,300 per sq.ft (2024)
• Nochikkuppam Slum: Rs 3,300 per sq.ft (2024)
• Nithiyanandam Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Norton Street/Road

For a 1,000 sq.ft plot at the current rate of Rs 9,300 per sq.ft, the guideline value amounts to Rs 93,00,000. The stamp duty at 7% would be Rs 6,51,000, and the registration fee at 2% would be Rs 1,86,000, totaling Rs 8,37,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Norton Street/Road?

The Sub Registrar Office that covers Norton Street/Road is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore

The guideline value is a crucial factor in the property registration process in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official register.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are necessary for the legal transfer of property ownership. This ensures transparency and compliance with local regulations during the transaction.

Frequently asked questions

What is the current guideline value of Norton Street/Road?

The current guideline value of Norton Street/Road is Rs 9,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,098 per sq.ft in 2002 to Rs 9,300 per sq.ft in 2024, which is an overall increase of 747%.

What is the land classification for Norton Street/Road?

Norton Street/Road is classified as Residential Class III Type - II, indicating its suitability for residential development.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the stamp duty calculated for properties in Norton Street/Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 93,00,000, the stamp duty would be Rs 6,51,000 at the rate of 7%.